News MANAGEMENT ACCOUNTING By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} Risk appetite plays an important role in organizational success and should be considered carefully by leaders as they make strategic decisions. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published new guidance on risk appetite focusing on how […]
PPP forgiveness guidance issued as Congress mulls changes
Treasury and the U.S. Small Business Administration (SBA) released new Paycheck Protection Program (PPP) guidance Friday night that provided some clarity on several loan forgiveness questions but didn’t address the two parts of PPP that arguably have generated the most concerns among the millions of small businesses and other entities that have received funding. Two […]
IAASB addresses pandemic issues in audit practice alert
The International Auditing and Assurance Standards Board (IAASB) published a staff audit practice alert Friday that is designed to highlight key areas of focus for auditor reporting related to the coronavirus pandemic. The alert highlights potential implications for auditor and interim review reports related to the pandemic that include: Modifications to the auditor’s opinion due […]
What to do with your stimulus check
As of May 18, the IRS has sent out 140 million stimulus checks, with around 10 million more to send. The funds are expected to help people pay their expenses and jump-start the economy, which has been in decline since the coronavirus hit U.S. soil. This money — $1,200 for individuals with adjusted gross income […]
SEC amends disclosure rules for acquisitions and disposals
The SEC voted to adopt amendments to its rules and forms for disclosing financial information about acquired or disposed businesses. The changes are intended to improve information for investors, facilitate more timely access to capital, and reduce the complexity and costs of preparing the disclosure. The new rules and forms are designed to help registrants […]
AICPA Council supports advancement of new CPA licensure model
News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} An effort to transform the CPA licensure model took a step forward Wednesday when the AICPA governing Council voted to support its advancement during its virtual spring meeting. Council voted to support the CPA Evolution initiative, which is being undertaken by […]
FASB votes to delay revenue recognition effective date for private companies
FASB voted Wednesday to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements. The board originally had proposed amending the revenue recognition standard effective date just for franchisors that are not public business entities. But feedback FASB received on the […]
Essential documents clients must update during COVID-19
CPAs have been especially busy in recent weeks counseling clients through the sudden economic challenges brought on by COVID-19. Because you’ll be communicating with a large number of your clients, this can be a timely opportunity to also remind them to update essential documents, such as living wills and power of attorney designations. During this […]
IRS mobilizing 3,500 phone operators to answer stimulus questions
The IRS announced Monday it is hiring 3,500 new phone operators to answer taxpayers’ questions about economic impact payments (IR-2020-97). The IRS cautioned, however, that “telephone assistance and other services” will remain limited due to the COVID-19 pandemic. In March, the IRS announced that it was scaling back operations, closing offices, and having employees work […]
CPA Exam testing center closings extended through May 1
News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The coronavirus pandemic has cut even more into the second-quarter testing window for the CPA Exam as Prometric announced Friday that its testing centers in the United States and Canada will remain closed through at least May 1. Earlier, Prometric had […]